The president’s announcement comes in conjunction with the European Union’s declaration of even tighter and tougher measures taken against Russia, which has been interfering militarily in Ukraine’s internal political struggle.

As Politico reported: “Stepping up the West’s showdown with Russia , European leaders Tuesday declared plans to impose sanctions against state-owned Russian banks, as well as certain types of oil-industry equipment and so-called dual-use technology capable of use by the military. The U.S. added three banks to its sanctions list, resulting in five of Russia’s six top banks subject to sharp limits on refinancing of debt.”

The Russians have been implicated in the downing of Malaysia Airlines Flight 17, killing nearly 300 innocent civilians flying from Amsterdam to Kuala Lumpur. The flight had the tragic misfortune of flying over Ukrainian airspace, where it was shot down by Ukrainian separatists aligned with Russia — which reportedly provided the weaponry to shoot down MH 17.

Russia is engaging in a disgraceful interference that cannot be allowed to stand.

No one should be foolish enough to want to launch a ground war against the Russian military. The economic sanctions, though, should be made to stick and should be applied with maximum pressure to cause equally maximum pain on an economy that’s already suffering.

Obama is right to dismiss contentions that the United States and Russia have entered a “new cold war.” The war we’re talking about is burning quite hot. Russia needs to stand down and let the Ukrainians decide their own fate.